Rarely has there been such a wide gap between how investors feel about gold and Bitcoin. Gold’s Fear and Greed Index remained at 72 out of 100, deep into greed territory, while the comparable measure for top cryptocurrencies reached 18 out of 100, a level that would be classified as extreme fear.
For macroeconomist Lynn Alden, this gap tells a remarkable story.
A contrarian bet on Bitcoin for the next 2-3 years.
Alden said this week on the New Era Finance podcast that if he had to choose between two assets over the coming period, he would choose Bitcoin.
“Put a gun to my head and if I had to say which one I think is better, I would say Bitcoin,” she said.
Gold has risen significantly. Bitcoin has fallen significantly. She feels there is a pendulum between the two, and so far it has swung in Kim’s favor. That, she argued, offers the possibility of a reversal.
Gold prices hit an all-time high of about $5,608 an ounce in January. By contrast, Bitcoin is about 44% below its all-time high of $126,000, reached last October.
Divergence in price performance reflects divergence in investor mood. Alden acknowledged the rise in gold prices, but stopped short of calling it a bubble.
She says the sentiment around Bitcoin is “somewhat euphoric,” while the mood around Bitcoin has turned into what she described as unduly negative.
She was careful not to be too assertive. Both assets can rise at the same time. Both can fall. She does not treat the relationship between them as fixed or reliably predictable. But when pressed to make a phone call, she did.
BTCUSD trading at $70,274 on the 24-hour chart: TradingView
Gold’s strength could be an opportunity for Bitcoin
Mr Alden’s comments come in the context of a broader debate about which assets deserve the title of trusted store of value.
Billionaire investor Ray Dalio is staunchly on the side of gold. Speaking publicly this week, Dalio said gold is the most established form of currency, noting its status as the second-largest reserve asset held by central banks around the world.
Image: OSL
He expressed concerns about Bitcoin’s limitations regarding privacy and its vulnerability to advances in quantum computing. This technological threat is still years away, but it is gaining attention as large-scale quantum facilities begin construction.
Based on the current situation and progress, I think Bitcoin could reach $1 million by 2030.
Think long term. pic.twitter.com/6MKqrjojAP
— Brian Armstrong (@brian_armstrong) September 24, 2025
Mr. Dalio’s position and Mr. Alden’s are not entirely at odds. Neither has completely dismissed either property. The question is not which one will survive in the long run, but which one will perform better over a defined period of time.
Related article: Stablecoins pose new risks to euro area lending, ECB says
Coinbase CEO Brian Armstrong made a bolder statement. He cited cleaner regulatory conditions emerging in the United States and predicted Bitcoin would reach $1 million by 2030, calling this a signal to the rest of the G20 countries.
(Featured image from Bitwise, chart from TradingView)
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